Multifamily

TLC Management Acquires 250-Unit Townhome Community in St. Charles, Illinois

by Kristin Harlow June 7, 2019

ST. CHARLES, ILL. — TLC Management Co. has acquired Prairie Winds of St. Charles, a 250-unit townhome community in suburban Chicago. The purchase price was not disclosed. Completed in 2018, the property includes a mix of one-, two- and three-bedroom rental units averaging 1,254 square feet. Community amenities include nature trails, a pool, bark park, playground, clubhouse, billiards room and fitness center. Sean Fogarty, Marty O’Connell, Wick Kirby, Kevin Girard and Kyle Butler of HFF marketed the property on behalf of the seller, Executive Capital Corp.

June 7, 2019

Development Illinois Midwest Multifamily

Opus Completes 164-Unit Apartment Project in Suburban Chicago

by Kristin Harlow June 7, 2019

ELMHURST, ILL. — The Opus Group has completed construction of The Marke of Elmhurst, a 164-unit luxury apartment project in suburban Chicago. The six-story development includes one-, two- and three-bedroom units as well as 7,600 square feet of retail space. Previously an underutilized commercial site, the property is now home to amenities such as a fitness center, yoga room, pet spa and outdoor amenity deck. Hartshorne Plunkard Architecture and ESG Architects worked with Opus. The project was a joint venture with Principal Real Estate Investors. Greystar Property Management will manage the property.

June 7, 2019

Acquisitions Affordable Housing Florida Georgia Loans Multifamily North Carolina South Carolina Southeast Virginia

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

Development Midwest Minnesota Multifamily

Ackerberg Begins Development of 54-Unit Micro Apartment Community in Minneapolis

by Kristin Harlow June 6, 2019

MINNEAPOLIS — Ackerberg has begun development of MN46, a 54-unit micro apartment community in Minneapolis. The project is a joint venture with Left Lane Corp., Hayes Harlow, Twin Cities Home Rental and Trew Capital. Units will range from 390 to 410 square feet for studios, 420 to 650 square feet for one-bedroom units and 760 to 905 square feet for two-bedroom units. The property will also feature 1,835 square feet of first-floor retail space. Amenities will include a fifth-floor community room, patio, bike lobby, package room and covered parking. Completion is slated for May 2020. Collage Architects and Yellow Tree Construction Services make up the project team. Monthly rents will start in the low $1,000s. “We continue to remain very bullish on micro units as a niche,” says Sean Sweeney, founder of Hayes Harlow. “The lack of new apartment product in the area was also a big factor in our decision to develop this site.” The name of the property stems from its location at the intersection of Minnehaha Avenue and 46th Street.

June 6, 2019

Development Multifamily Texas

Oden Hughes Begins Work on 380-Unit Multifamily Project in Greater Houston

by Taylor Williams June 6, 2019

CLEAR LAKE, TEXAS — Austin-based Oden Hughes LLC has begun construction on a multifamily project in Clear Lake that will deliver 360 apartments and 20 townhomes. Located southeast of Houston, the community will be situated on 21 acres near an array of employment hubs, including the NASA-Johnson Space Center, Boeing Space Exploration Headquarters, the University of Houston at Clear Lake and the Port Houston Bayport Terminal. Floor plans for the apartments will consist of one-, two- and three-bedroom units, with rents ranging between $1,100 and $2,300 per month. Amenities will include a pool with cold spas, jogging trails, playground, dog walking area and coworking space. The community is scheduled to open in mid-2020.

June 6, 2019

Development Multifamily ORIX Texas

Bright Realty Breaks Ground on 312-Unit Apartment Project in Lewisville

by Taylor Williams June 6, 2019

LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Phase II of Discovery at The Realm, a project that will expand the residential component within the company’s The Realm at Castle Hills mixed-use development by 312 apartments. Located in the northern Dallas suburb of Lewisville, Discovery at The Realm currently spans 423 units. With this phase, Bright Realty will also deliver new amenities, such as a dog park, a second fitness center and outdoor seating areas, as well as additional restaurant and retail space. The developer expects to deliver the first units in late 2020. 505Design is the architect for Phase II, and Andres Construction is the general contractor. First United Bank & Trust Co. and ORIX Public Finance LLC provided financing for the project.

June 6, 2019

Loans Multifamily New York Northeast

Merchants Capital Secures $51M Agency Construction Loan for New York City Homeless Shelter

by Taylor Williams June 6, 2019

NEW YORK — Mortgage banking firm Merchants Capital has secured $51 million in agency funding on behalf of Heights Advisors and Samaritan Daytop Village (SDV) for the permanent financing of 267 Rogers, a 165-unit property in New York City. The property offers transitional housing for homeless families. The Department of Homeless Services (DHS) has partnered with human services organization SDV on the project, which is located in the Crown Heights neighborhood. In addition to providing housing for these transitional families, 267 Rogers offers supportive services to all tenants, including employment and job readiness services, daily living workshops and personal financial management, plus education and child care assistance programs. The project was completed in 2018 and is fully occupied.

June 6, 2019

Acquisitions Multifamily Washington Western

Joint Venture Acquires 344-Unit Waterford at the Lakes Apartments in Metro Seattle for $83.2M

by Amy Works June 6, 2019

KENT, WASH. — A joint venture between RISE Properties Trust and Tokyu Land US Corp. has acquired Waterford at the Lakes Apartments, a multifamily property located in Kent. An undisclosed seller sold the community for $83.2 million. CBRE brokered the transaction. Situated on 16.8 acres at 23605 62nd Ave. South, Waterford at the Lakes Apartments features 344 units, an on-site daycare, racquetball court, two pools, a sport court and residential lounge. Seattle-based Thrive Communities will manage the property. The apartment community is located within the Lakes at Kent, a neighborhood of 19 rental and for-sale communities with man-made lakes and landscaping.

June 6, 2019

Development Idaho Multifamily Seniors Housing Washington Western

Wolff Opens New Revel Seniors Housing Communities in Washington, Idaho

by Amy Works June 6, 2019

SPOKANE VALLEY, WASH., AND EAGLE, IDAHO — The Wolff Company, an Arizona-based private equity firm and multifamily developer, has completed construction or Revel Spokane in Spokane Valley and Revel Eagle in Eagle. Both communities offer independent living apartments and are part of Wolff’s $300 million to $400 million annual seniors housing development plans. Located alongside the Spokane River, Revel Spokane features 132 units in one- and two-bedroom layouts. The community welcomed its first residents in March 2019. Located alongside the Boise River, Revel Eagle features 146 units in studio, one- and two-bedroom layouts. The community welcomed its first residents in April 2019.

June 6, 2019

Development Maryland Multifamily Southeast

Washington Property Delivers 20-Story Multifamily Community in Metro D.C.

by Alex Tostado June 5, 2019

SILVER SPRING, MD. — Washington Property Co. (WPC) has delivered Solaire 8250 Georgia Avenue, a 20-story, 338-unit multifamily community in Silver Spring. The building offers studio, one- and two-bedroom floor plans, as well as 5,000 square feet of amenity space, including a rooftop swimming pool and pool deck; café with free Wi-Fi; private courtyard with grilling areas; fitness center; and an expansive residents’ club room with catering kitchen, library, flat-screen TV, indoor-outdoor fireplace and a game room. The property is situated two blocks from the Silver Spring Metro station and six miles north of downtown Washington, D.C. The building totals 470,000 square feet and includes three stories of below-grade parking. Collective of Baltimore served as the architect for the project, and Lendlease was the general contractor.

June 5, 2019

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